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Minsud Announces Closing of Above Market Non-Brokered Private Placement for Gross Proceeds of $1,000,000
TORONTO, ONTARIO--(Marketwired - April 20, 2016) - Minsud Resources Corp. (TSX VENTURE:MSR) ("Minsud" or the "Company") is pleased to announce the closing of a
About this update from Minsud Resources Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - April 20, 2016) - Minsud Resources Corp. (TSX VENTURE:MSR) (\"Minsud\" or the \"Company\") is pleased to announce the closing of a non-brokered private placement offering of units in Minsud (the \"Units\") for gross proceeds of $ 1,000,000 (the \"Private Placement\"). In connection with the closing of the Private Placement, which was initially announced on March 31, 2016, Minsud issued 10,000,000 Units at a price of $0.10 per Unit with each Unit comprising of one common share in the capital of the Company (the \"Shares\") and one common share purchase warrant (the \"Warrants\"). Each Warrant is exercisable into one Share at $0.35 until April 20, 2018, provided that in the event that the 20 day closing price of the Shares on the TSX Venture Exchange or such other stock exchange that the Shares may be then listed on is greater than $0.35, the Company shall be entitled to accelerate the exercise period of the Warrants to a period of not less than 10 days after written notice is deemed to have been received by the holders of the Warrants from the Company regarding same. The net proceeds will be used by the Company to continue its exploration program at the Chita Valley Project, payments related to option agreements and financing of property acquisitions, as well as working capital and corporate overhead requirements. Compañía de Tierras Sud Argentino S.A., an insider and control person of the Company, purchased 3,200,000 Units. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement as the details of the participation by such insiders was not settled until shortly prior to closing of the Private Placement. The securities issued in connection with the closing of the Private Placement will be subject to a four month hold period expiring on August 21, 2016. No commission or finder's fee was paid in connection with the Private Placement. About Minsud Resources Corp.: Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo-Ag-Au Project, in the Province of San Juan, Argentina. The Company also ...